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Audit Highlights

The following are highlights of our work during the April 1, 2021–September 30, 2021, semiannual reporting period.

The Board’s Publicly Reported Data for the Main Street Lending Program and the Secondary Market Corporate Credit Facility
We identified several inaccurate city and state data points affecting a limited number of published loan transactions for the Main Street Lending Program (MSLP) as well as Secondary Market Corporate Credit Facility (SMCCF) transactions that appear to have been documented twice in each of the publicly reported transaction-specific disclosures published from January through April 2021.

The Bureau’s Controls for Issuing and Managing Interagency Agreements
The Bureau can improve existing interagency agreement (IAA) guidance and internal controls, enforce internal controls to ensure compliance with IAA policies and procedures, and ensure the completeness of reports containing IAA data.

The Board’s Payroll Controls
The Board’s payroll controls are generally effective in ensuring compliance with applicable laws, regulations, policies, and procedures.

The Board’s Implementation of Enterprise Risk Management
The Board continues to take steps to develop and implement an enterprise risk management (ERM) program; however, we identified opportunities to enhance the agency’s planning, governance, and implementation of its ERM program and processes.


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